After years in which savers got used to adequate returns, the training fund - one of the popular savings channels, became a losing product (Photo: ShutterStock)
In the capital market, they will not want to remember 2022, even in the relatively solid segment of the training funds, the savings channel so favored by many Israelis - and the December data only increased the losses.
Which of the investment houses made it through the bad year with relatively minor damage - and who wiped out more than 11% of the investors' money?
We went out to check.
Who remembers that the month of December opened with high expectations for the continued change in the trend in the capital market?
But the holidays at the end of the civil year, Christmas and Hanukkah, did not bring with them the miracle or even the light and gifts that the investors were waiting for.
The markets ended the last month of the year with sharp declines, just one month after experiencing gains, against the backdrop of investors' hopes for a halt to inflation and the shopping month.
The light of the holidays did not shine on our savings funds managed by the continuing education funds, which during December produced an average negative return of 1.75% - summing up one of the worst years for savers in a decade.
The training fund of the insurance company 'Manora' was the one that actually succeeded in the concluding month of the year with the highest return among its competitors for the table of training funds tested by Walla!
money and involving businesses, and stood at -1.40%.
As it is said: less, but painful.
Menora led by a difference of 1.05% over the training fund of the investment house 'Analyst', which closed the table from the bottom with an average negative return of -2.45%.
The table is grim, but it doesn't lie: even the winners can only take solace in a respectable loss (photo: Walla! system, without)
The non-marketable assets reduced the losses
The winner's speech,
Oren Montal, director of peer financial investments at Menorah Mvithaim Pension
, Provident and Insurance Company: "The markets were negative last December and all the main stock indices experienced a return to declines after the increase in November, against the background of the fear that interest rate increases around the world will lead to a recession and a significant decrease in company profits For
example, the local Tel Aviv 125 index, along with the global stock index (msci), fell by 3.75% and about 4%, respectively, for this period, alongside a decline in the government bond indices which fell by about 1.1%.
Menorah's prominence during December resulted from a high exposure to non-tradable assets, alongside a relatively low exposure to shares traded on the local stock exchange in the Tel Aviv 90 and Tel Aviv 35 indices, which experienced sharp price declines. The investment portfolio managed by Menorah's continuing education fund contains about 30% non-negotiable assets, which fell less from the stocks and bonds for this period in particular, and in 2022 in general.
The non-marketable assets in the fund's investment portfolio mainly include loans and investment funds, which make it possible to reduce the volatility experienced at times such as what the markets experienced in 2022
, alongside the diversification of the investment portfolio."
, where the average negative return of all the funds examined in the table for this period was 7.88%,
but the one who stars at the top of the table is the education fund of the investment house 'Moor', which achieved a negative return of 6.13% for this period, which is 5.18% higher than the return achieved by the Altshuler Shaham investment house, which signed the entire 2022 education returns table from the bottom, with a negative return of -11.31%.
This return subtracted a significant percentage from the fund's achievements over the years, and lowered the cumulative returns for periods of 3 and 5 years, to 3.34% and 16.98% respectively, and this compared to the average returns of all funds (including that of Altshuler Shachem) which stood at 11.30% and -22.28% respectively.
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Oren Montal, manager of peer financial investments at Menorah Mittehim Pension Company (Photo: Rami Zarnagar)
Because of that war
Eran Kalinsky, Vice President of Investments at Mor Gemel and Pension
: "The year 2022 was characterized by high inflation and aggressive interest rate increases around the world, alongside a war that started and is still ongoing in Europe - the Russia-Ukraine war.
The war contributed to the deepening of inflation, and led, among other things, to an acute energy crisis in Europe as a whole, alongside increasing geopolitical tensions in the region, and in the entire world.
The combination of these things led to sharp declines in the markets, both in stocks and bonds.
We decided to take a defensive approach throughout the entire year 2022 after already in 2021 we thought that the pricing of the markets was high, along with our fear that inflation would be a significant threat that would be added to them in 2022, and lead to interest rate increases - That did happen.
Therefore, we started the year with a relatively low equity exposure, alongside a solid bond portfolio - and a relatively short interest rate, which included a high component of government bonds with a variable interest rate."
Eran Kalinsky, Vice President of Investments at Mor Providence and Pension (Photo: Public Relations)
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